Mach Natural Resources LP (NYSE:MNR) Sees Large Increase in Short Interest

Mach Natural Resources LP (NYSE:MNR) saw a large growth in short interest during the month of February. As of February 28th, there was short interest totalling 679,900 shares, a growth of 126.0% from the February 13th total of 300,800 shares. Based on an average daily volume of 320,200 shares, the short-interest ratio is presently 2.1 days. Currently, 4.3% of the company’s shares are sold short.

Insiders Place Their Bets

In related news, Director William Wallace Mcmullen acquired 5,161,290 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were acquired at an average cost of $15.50 per share, for a total transaction of $79,999,995.00. Following the acquisition, the director now directly owns 74,287,410 shares in the company, valued at approximately $1,151,454,855. The trade was a 7.47 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 87.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mach Natural Resources

Hedge funds have recently bought and sold shares of the business. Franklin Resources Inc. grew its stake in Mach Natural Resources by 13.7% during the 3rd quarter. Franklin Resources Inc. now owns 138,800 shares of the company’s stock valued at $2,354,000 after purchasing an additional 16,725 shares in the last quarter. Chicago Partners Investment Group LLC grew its position in shares of Mach Natural Resources by 7.7% in the 4th quarter. Chicago Partners Investment Group LLC now owns 242,118 shares of the company’s stock worth $4,145,000 after acquiring an additional 17,215 shares in the last quarter. Strategic Financial Concepts LLC grew its position in shares of Mach Natural Resources by 1,618.0% in the 4th quarter. Strategic Financial Concepts LLC now owns 195,234 shares of the company’s stock worth $3,354,000 after acquiring an additional 183,870 shares in the last quarter. ING Groep NV acquired a new position in shares of Mach Natural Resources in the 4th quarter worth approximately $412,000. Finally, Parkside Financial Bank & Trust acquired a new position in shares of Mach Natural Resources in the 4th quarter worth approximately $43,000. Institutional investors and hedge funds own 78.36% of the company’s stock.

Mach Natural Resources Stock Performance

MNR stock opened at $14.61 on Friday. The company has a current ratio of 1.24, a quick ratio of 1.16 and a debt-to-equity ratio of 0.56. Mach Natural Resources has a 1 year low of $13.53 and a 1 year high of $21.19. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 5.84 and a beta of -0.38. The company has a 50-day moving average of $16.33.

Mach Natural Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Thursday, February 27th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, February 27th. This represents a $2.00 dividend on an annualized basis and a yield of 13.69%. Mach Natural Resources’s dividend payout ratio (DPR) is presently 80.00%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MNR. Stifel Nicolaus increased their price objective on shares of Mach Natural Resources from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Raymond James reiterated a “strong-buy” rating and set a $25.00 price objective (up from $23.00) on shares of Mach Natural Resources in a report on Monday, February 10th. Finally, Truist Financial increased their price objective on shares of Mach Natural Resources from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, January 13th.

Mach Natural Resources Company Profile

Mach Natural Resources LP, an independent upstream oil and gas company, focuses on the acquisition, development, and production of oil, natural gas, and natural gas liquids reserves in the Anadarko Basin region of Western Oklahoma, Southern Kansas, and the panhandle of Texas. It also owns a portfolio of midstream assets, as well as owns plants and water infrastructure.